Aluminium's three-month price on the London Metal Exchange was the only metal to trade in positive territory at the close of trading on Thursday April 23, climbing by just under 1% to near $1,800 per tonne.
News that operations would fully resume at Norsk Hydro's Alunorte alumina refinery in Brazil sent the light metal's futures price spiraling to a three-year low of $1,765.50 per tonne, however its price action has since stabilized. Yet with just under 40% of total LME aluminium stocks canceled, the light metal's three-month price could move higher, while the International Aluminium Institute (IAI) estimates that global production of primary aluminium was down by 176,000 tonnes in April, down from 5,379,000 tonnes in March. "We maintain the view that the threat from rising global aluminium supply in 2019 continues to plague...